AorTech International plc (LON: AOR) have seen their shares jump on Friday morning despite the firm giving shareholders a modest update.
AorTech is focused on the commercialization of its world leading biomedical polymer technology, components and medical devices.
AorTech has, through a licence and supply agreement, all of its materials manufactured by Biomerics, a leading contract manufacturer and innovative polymer solutions provider in the USA.
Shares of AorTech jumped 3.01% to 94p on Friday morning. 29/11/19 12:20BST.
The firm said in an update to shareholders said that it had widened its interim loss on costs. However, shareholders did get some consolidation with the fact that revenues had rose.
It seems that shareholders have been more focused on the revenue gains rather than the widened loss, as share price moved positively this morning.
For the six months to the end of September, the biomaterials and medical devices firm said its pretax loss widened to £239,000 from £225,000 the year before.
This was due to administrative expenses rising by 29% to £451,000 from £350,000, as a result of research & development activities.
However revenue, which comes from the licensing of AorTech’s polymer technology, grew by 27% to £299,000 from £236,000 the prior year.
Looking ahead, AorTech said progress over the period has been “very positive”, as the polymer business performs well and plans to developer it further come into place.
“The medical textiles development has been quite incredible and much credit must go to our partners, RUA Medical, who have surpassed our expectations. Progress on the heart valve is very positive with the timing of significantly improving past designs arising at a point when the industry has much more interest in alternative materials. We look forward to 2020 with both excitement and confidence,” said Executive Chair Bill Brown.
The medicine and pharmaceutical industry has been busy over the last few weeks and firms have seen varied results.
On a positive note, household names such as Pfizer (NYSE: PFE) and GSK (LON: GSK) have smashed both market and analyst expectations, leading to share surges.
However, Evgen Pharmaceuticals (LON: EVG) and Verona Pharma Plc (LON: VRP) have seen their shares crash following disappointing updates to shareholders.